Sir Jim Ratcliffe won’t abandon Chelsea bid despite ‘rapid rejection’

Sir Jim Ratcliffe’s bid to buy Chelsea has been rejected by the bank overseeing the Blues’ sale.

However, Britain’s richest man has refused to give up on his attempt buy the Stamford Bridge club.

Ineos director Tom Crotty revealed Raine Group handed Ratcliffe a “rapid rejection” on his last-minute £4.25billion bid for Chelsea.

Petrochemicals boss Ratcliffe will continue to press to win the race to take the Chelsea reins from Roman Abramovich, though, despite that setback.

“We had a rapid rejection by Raine,” Crotty told the PA news agency.

“But we are still pushing as we believe we are a good bidder who would be good for the long-term future of the club.”

Ratcliffe tabled a last-ditch bid to buy Chelsea on Friday, just as New York merchant bank Raine Group was preparing to confirm Todd Boehly’s consortium as the preferred bidder.

Los Angeles Dodgers co-owner Boehly’s bid has received that preferred bidder status, with the Eldridge Industries chief now forging ahead to try to complete a deal to buy the Blues.

Ratcliffe’s rejection from Raine has not deterred the 69-year-old from continuing to progress his candidacy to buy the west London club, however.

Boehly’s bid has edged ahead of consortiums headed by Sir Martin Broughton and Steve Pagliuca.

Raine could yet turn to either Broughton or Pagliuca should any issues arise with Boehly progressing the purchase.

Lord Sebastian Coe has partnered with Broughton’s bid for Chelsea, with the World Athletics president adding political and sporting administrative clout to the ex-British Airways chief executive’s consortium.

While Coe conceded Boehly’s bid now has the edge, he insisted he remained committed to Broughton’s consortium should circumstances change.

“It’s not the clearest